As the year 2023 nears its end, two assets in the cryptocurrency sector have recently been racing against each other to reach the coveted (at least for them) price level at $1 – XRP (XRP) and Cardano (ADA) – and crypto traders and investors are beginning to wonder which one will get there first.
Indeed, both the XRP token and Cardano have strong foundations for further price appreciation, with their technical analysis (TA) and developments that involve them suggesting they, indeed, could surpass the $1 price mark in the near or distant future – so which one will win the race?
XRP vs. Cardano
As it happens, XRP and Cardano were “neck and neck in that race to $1,” as observed by the pseudonymous crypto market expert CoinsKid in an X post he shared on December 28, when XRP was recording a price of $0.6374, while Cardano stood at $0.663141, suggesting that the latter could be in the lead.
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On the other hand, the technical analysis indicators are slightly more on the side of XRP, considering that the summary of the one-day sentiment gauges over at the finance and crypto analytics platform TradingView suggests a ‘strong buy’ for XRP with no ‘sell’ calls while pointing at a ‘buy’ for Cardano with two ‘sell’ calls.
XRP price analysis
Meanwhile, XRP was at press time trading at the price of $0.6435, recording an increase of 3.04% in the last 24 hours, adding up to the 4.64% gain across the previous week and the advance of 7.47% over the past month, according to the most recent charts on December 28.
Indeed, the positive resolution of the long-running legal battle between the blockchain company Ripple and the United States Securities and Exchange Commission (SEC) could further push the price of XRP upwards, possibly even to surpass the $1 price level in 2024, as reported on December 25.
Additionally, another analyst with massive following, Crypto Tony, has recently advised his followers to “play the breakout on this triangle only” and not to worry “about the in between as will be choppy,” as per his chart analysis he shared in an X post on December 27.
Furthermore, if all the factors fall into place, XRP could even race toward the range between $1.30 and $1.50, as per the chart pattern analysis by another pseudonymous crypto market analyst, EGRAG CRYPTO, shared earlier in December and reported by Finbold.
Cardano price analysis
At the same time, XRP’s competitor, Cardano, is currently changing hands at $0.6489 – a price very close to that of XRP – which represents an increase of 7.14% on the day, a positive price change of 7.97% across the past week, and a 75.05% advance on its monthly chart.
Moreover, according to a recent post by the renowned crypto analyst Ali Martinez, Cardano is “shaping up a symmetrical triangle,” and he suggests watching for a “sustained candlestick close above $0.63” that he believes would trigger a breakout and “set the stage for ADA to rally toward $0.78.”
On top of that, Cardano has reclaimed the top spot among all crypto teams through notable development activities on the GitHub platform in the last 30 days, suggesting increased efforts in expanding the related ecosystem, besides adding almost 10,000 smart contracts so far in 2023.
Conclusion
All things considered, XRP seems to be in a (very) slightly better position for reaching the $1 price threshold slightly sooner than Cardano, although a great number of things could tip the scales in ADA’s favor, and time will tell which one will emerge as the definite winner.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
